The Obama administration has picked a top staffer at the Office of the Comptroller of the Currency to head the agency on a temporary basis.
Treasury Secretary Timothy Geithner says he has selected John G. Walsh, currently the agency's chief of staff, to be acting head of the bank regulatory agency. He replaces John Dugan who announced earlier this month that he was stepping down on Aug. 14 at the end of his term.
The comptroller of the currency regulates 1,500 of the nation's banks including the largest institutions. Dugan, who was appointed by George W. Bush in 2005, had come under criticism for pushing policies that benefited the financial industry at the expense of consumers.